June 19, 2021

Ripple Price Analysis: After 11% Daily Surge, XRP Finally Breaches The $0.5 Resistance

3 min read

XRP/USD – – Bulls Finally Break Back Above $0.5.

Secret Support Levels: $0.5, $0.453, $0.42.

Key Resistance Levels: $0.556, $0.588, $0.6.

Since mid-February, XRP was trading inside a falling wedge pattern after dropping from resistance near $0.65. The cryptocurrency tried to break above the upper limit of this wedge in the very first fortnight of March however stopped working to conquer resistance at $0.5.

As an outcome, XRP went on to drop additional straight into support at the 100-day EMA prior to bouncing greater. This week, XRP showed signs of a bullish breakout after lastly managing to trade above the wedge pattern. However, it failed in closing a day-to-day candle light above it.

The real breakout came today as XRP rose greater from $0.45, going beyond above $0.5 to reach the present $0.52 trading level. An everyday price boost of over 10%.

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XRP/USD Daily Chart. Source: TradingView XRP-USD Short

Term Price Prediction Looking ahead, the first level of resistance lies at $0.556(2019 Highs). This is followed by $0.588 (1.272 Fib Extension – green), $0.6, and $ 0.65 (bearish.786 Fib Retracement).

On the other side, the very first level of assistance now becomes $ 0.5. This is followed by $ 0.453(.5 Fib ), $ 0.42(100-days EMA), and $ 0.4 (.618 Fib Retracement). The RSI has actually risen higher from the midline as it reached 70, suggesting that the purchasers are fully in control of the marketplace momentum currently. It still has space prior to reaching the overbought territory.

XRP/BTC – – Bulls Attempt To Break Descending Trend Line.

Key Support Levels: 800 SAT, 740 SAT, 670 SAT.

Secret Resistance Levels: 867 SAT, 1000 SAT, 1200 SAT.

Versus Bitcoin, XRP had actually dropped into the January trading variety in between 867 SAT and 670 SAT recently as the bears started to press the market lower. The cryptocurrency rebounded from support at 742 SAT and established strong bottom at 800 SAT over the last 5 days.

Today, XRP pressed greater from 800 SAT and is now dealing with the trading range’s upper limit at 867 SAT. This resistance is additional boosted by a coming down pattern line that has actually remained in play because late-February.

xrpbtc-mar20
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XRP/BTC Daily Chart. Source: TradingView XRP-BTC Short Term Price Prediction

Progressing, the first level of resistance lies at 867 SAT. This is followed by 1000 SAT, 1200 SAT (100-day EMA & & December 2017 lows), and 1345 SAT.

On the other side, the first assistance lies at 800 SAT. This is followed by 740 SAT, 670 SAT, and 600 SAT.

The RSI has also permeated above the 50 level, suggesting the buyers have finally retaken control of the marketplace momentum. If it can continue to increase, the bullish momentum will increase and might help XRP break the current resistance.